Dorian LPG announces third Japanese financing
Dorian LPG Ltd., a leading owner and operator of modern and ECO very large gas carriers ("VLGCs"), today announced that the Company has entered into a $70.0 million sale and bareboat charter arrangement for the Corvette ("Corvette Japanese Financing").
The transaction was completed on similar terms as the two prior Japanese financing transactions.
The Corvette Japanese Financing resulted in net cash proceeds of $56.0 million, $33.7 million of which was used to repay a portion of the 2015 Debt Facility. The Corvette Japanese Financing has a mandatory buyout in 2031 with early purchase options from March 16, 2021, has a 17.3 year amortization profile, and carries a fixed interest rate of 4.9%.
About Dorian LPG Ltd.
Dorian LPG is a liquefied petroleum gas shipping company and a leading owner and operator of modern VLGCs. Dorian LPG currently owns and operates 22 modern VLGCs. Dorian LPG has offices in Stamford, Connecticut, USA, London, United Kingdom and Athens, Greece.